2003-02-12 General Fund MeetingCity of Okeechobee/Okeechobee Utility Authority Employee Pension Plan
Trustee Meeting
February 12,2003
Minutes
The Trustee meeting at City Hall was called to order by Landon C. Fortner at 4:45 PM.
Trustees Present: Johnny Mack Kins�ul
Jamie Mullis
Carolyn Arnold
Landon C. Fortner, Jr.
Jerry O'Bannon
Others Present: Scott Christiansen, Attorney
Ernie Mahler, Smith-Bargey
Brian Coker, Invesco
Marita Rice, OUA
Police Department Trustees
Brian Coker of Invesco reviewed the current level of return for each fund. Returns
continue to be low at this time, but historically have been good for four to five years after
'"'` a bear market ends.
Ernie Mahler reviewed each of the plans and agreed returns were low. He stated based
upon Invesco's performance compared to similar companies we should consider a
manager search to possibly replace Invesco.
The Trustees reviewed the minutes of the November 13, 2002 meeting. Upon motion by
Johnny Mack Kinsaul and second by Jamie Mullis, the minutes were approved.
The Trustees reviewed the list of expenses and new employees entering the plan. Motion
to approve by Jamie Mullis, second by Carolyn Arnold to approve. Motion carried.
A Memorandum of Understanding from Marita Rice, Pension Plan Coordinator, outlining
duties she performs on behalf of each pension plan were reviewed by the Trustees.
Motion by Johnny Mack Kinsaul to accept the memorandum, second by Jerry O'Bannon.
Motion carved.
Motion by Jerry O'Bannon to authorize each Trustee to sign on New Account Check List
at Big Lake National Bank, second by Jamie Mullis. Motion carried.
Each Trustee present signed the form as indicated.
Mr. Fortner left the meeting at 5:53 PM.
Ernie Mahler will search for alternative investment companies and present the results at a
Trustee meeting to be held April 8, 2003 at 5:00 PM at City Hall.
Scott Christiansen advised the Trustees that proposed ordinances will have a first reading
at the City Council meeting to be held March 18, 2003. He will then do a summary plan
description. He also reviewed the service expiration dates for each board.
The meeting was adjourned at 6:08 PM.
Respectfully submi e
Jerry W O'Bannon
Secreta
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